Invesco India ETF
ALTAR
Score™		 4.8% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 20.5x P/Sales
ratio		 2.2x
P/BV
ratio		 3.2x Div.
yield		 1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco India Portfolio seeks investment results that correspond to the price and yield of the Indus India Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Mar 05, 2008
Assets (mns) $215
Currency USD
Expense ratio 78 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 177
Wgt avg mkt cap (mns) $55,132
Large cap (>$10bn) 81.1%
Mid cap ($2-10bn) 17.7%
Small cap (<$2bn) 0.4%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
HDFC BANK LIMITED 7.8 %
RELIANCE INDUSTRIES LTD 6.5 %
ICICI BANK LTD 5.5 %
BHARTI AIRTEL LIMITED 3.7 %
INFOSYS TECHNOLOGIES LTD 3.7 %
CASH/RECEIVABLES/PAYABLES 3.7 %
MAHINDRA & MAHINDRA LTD. 2.3 %
TATA CONSULTANCY SVS LTD 2.1 %
AXIS BANK LIMITED 1.9 %
BAJAJ FINANCE LTD 1.9 %
Total 39.2 %

TOP COUNTRY EXPOSURE
INDIA 89.1 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
0.8% -9.7% 10.7% 8.1% 3.3%

Market Correlations
versus... Beta R-squared
S&P500 0.49 19%
MSCI EAFE 0.35 13%
MSCI Emg. Mkts. 0.40 19%

Technical Indicators
Recent close $25.97
30d moving avg. $25.77
Annualized volatility 14.5%
Short interest (ETF) 0.2%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 34
Turnover 0.4%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $832

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 144 potential alternatives to the Invesco India ETF ETF based on the alternatives' overlap in portfolio holdings with PIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PIN Expense: 78 bp ALTAR Score™: 4.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PIN
Ticker Fund
Name		 Overlap1
vs PIN
(%)		 Expense
ratio
(bp)		 Savings
vs PIN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs PIN
(%)
INDA iShares MSCI India ETF 78.7 65 13 4.7 -0.1
FLIN Franklin FTSE India ETF 74.1 19 59 4.2 -0.6
INDY iShares India 50 ETF 61.5 89 -11 5.0 +0.3
EPI WisdomTree India Earnings Fund 54.6 85 -7 5.2 +0.4
NFTY First Trust India NIFTY 50 Equal Weight ETF 41.6 80 -2 5.2 +0.4
NDIA Global X India Active ETF 25.8 75 3 5.0 +0.2
BKF iShares MSCI BIC ETF 25.3 69 9 13.5 +8.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 24.1 32 46 6.6 +1.8
STXE Strive Emerging Markets Ex-China ETF 21.5 32 46 7.2 +2.4
XC WisdomTree Emerging Markets Ex-China Fund 20.8 32 46 6.3 +1.5
INDF Nifty India Financials ETF 20.3 75 3 8.8 +4.0
XCNY SPDR S&P Emerging Markets ex-China ETF 20.1 15 63 7.4 +2.7
RNEM First Trust Emerging Markets Equity Select ETF 19.4 75 3 7.8 +3.0
EMXC iShares MSCI Emerging Markets ex China ETF 18.0 25 53 7.1 +2.3
JHEM John Hancock Multifactor Emerging Markets ETF 17.6 49 29 9.6 +4.8
EMMF WisdomTree Emerging Markets Multifactor Fund 17.4 48 30 7.2 +2.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 17.4 25 53 6.4 +1.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 17.1 40 38 6.8 +2.0
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 16.8 24 54 7.4 +2.6
GLIN VanEck India Growth Leaders ETF 16.8 77 1 6.9 +2.2
EEMA iShares MSCI Emerging Markets Asia ETF 15.8 49 29 9.5 +4.7
FLAX Franklin FTSE Asia Ex Japan ETF 15.2 19 59 8.7 +3.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 15.2 30 48 8.9 +4.1
LDEM iShares ESG MSCI EM Leaders ETF 15.0 17 61 13.5 +8.7
INCO Columbia India Consumer ETF 14.9 75 3 2.0 -2.8
ECON Columbia Emerging Markets Consumer ETF 14.9 49 29 11.5 +6.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 14.7 32 46 8.7 +3.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 14.4 70 8 8.7 +4.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 13.8 15 63 9.7 +4.9
BKEM BNY Mellon Emerging Markets Equity ETF 13.8 11 67 9.5 +4.8
NUEM Nuveen ESG Emerging Markets Equity ETF 13.7 36 42 7.5 +2.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 13.7 36 42 9.2 +4.5
GMF SPDR S&P Emerging Asia Pacific ETF 13.6 49 29 9.2 +4.4
VWO Vanguard FTSE Emerging Markets ETF 13.6 7 71 9.9 +5.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 13.5 20 58 9.7 +4.9
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 13.2 15 63 7.4 +2.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 13.0 66 12 8.9 +4.1
AVES Avantis Emerging Markets Value ETF 13.0 36 42 10.8 +6.1
EMDM First Trust Bloomberg Emerging Market Democracies ETF 12.9 75 3 8.4 +3.6
EMGF iShares Emerging Markets Equity Factor ETF 12.8 25 53 11.0 +6.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 12.8 45 33 9.8 +5.0
DEHP Dimensional Emerging Markets High Profitability ETF 12.7 41 37 6.3 +1.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 12.6 50 28 10.7 +5.9
EEM iShares MSCI Emerging Markets ETF 12.6 69 9 9.6 +4.9
SCHE Schwab Emerging Markets Equity ETF 12.2 11 67 10.6 +5.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 11.5 30 48 9.7 +5.0
IEMG iShares Core MSCI Emerging Markets ETF 11.5 9 69 9.9 +5.1
ESGE iShares ESG Aware MSCI EM ETF 11.4 25 53 9.6 +4.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 11.3 95 -17 11.3 +6.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 11.1 33 45 9.4 +4.6
EMXF iShares ESG Advanced MSCI EM ETF 10.9 16 62 8.1 +3.3
ROAM Hartford Multifactor Emerging Markets ETF 10.9 44 34 11.5 +6.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 10.8 35 43 16.4 +11.7
DEXC Dimensional Emerging Markets ex China Core EquityETF 10.5 53 25 7.4 +2.7
SPEM SPDR Portfolio Emerging Markets ETF 10.4 7 71 10.2 +5.4
AVXC Avantis Emerging Markets Ex-China Equity ETF 10.3 33 45 8.2 +3.4
DFAE Dimensional Emerging Core Equity Market ETF 10.0 35 43 8.8 +4.1
AVEM Avantis Emerging Markets Equity ETF 9.9 33 45 8.2 +3.4
UEVM VictoryShares Emerging Markets Value Momentum ETF 9.9 45 33 10.6 +5.8
DFEV Dimensional Emerging Markets Value ETF 9.6 43 35 12.6 +7.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 9.3 44 34 10.4 +5.7
DGIN VanEck Digital India ETF 9.3 71 7 2.2 -2.6
FDEM Fidelity Emerging Markets Multifactor ETF 9.2 25 53 12.5 +7.7
PXH Invesco FTSE RAFI Emerging Markets ETF 9.1 49 29 15.2 +10.5
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 8.8 88 -10 8.2 +3.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 8.5 38 40 8.8 +4.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 8.4 41 37 8.4 +3.6
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 8.4 39 39 15.6 +10.8
XCEM Columbia EM Core ex-China ETF 8.0 16 62 7.7 +2.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 7.9 59 19 8.5 +3.8
MINV Matthews Asia Innovators Active ETF 7.6 79 -1 6.9 +2.2
EEMO Invesco S&P Emerging Markets Momentum ETF 7.3 29 49 6.5 +1.7
AVSE Avantis Responsible Emerging Markets Equity ETF 7.0 33 45 8.1 +3.3
EMC Global X Emerging Markets Great Consumer ETF 6.6 75 3 10.9 +6.2
IPAV Global X Infrastructure Development ex-U.S. ETF 6.4 55 23 7.6 +2.9
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 5.9 60 18 8.3 +3.5
SMIN iShares MSCI India Small Cap ETF 4.7 79 -1 4.1 -0.7
MEM Matthews Emerging Markets Equity Active ETF 4.7 79 -1 7.3 +2.6
VIGI Vanguard International Dividend Appreciation ETF 4.5 10 68 6.5 +1.7
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 4.5 42 36 7.1 +2.3
ACWV iShares MSCI Global Min Vol Factor ETF 4.4 20 58 6.3 +1.5
FILL iShares MSCI Global Energy Producers ETF 4.3 39 39 11.7 +6.9
GXUS Goldman Sachs MarketBeta Total International Equity ETF 4.1 18 60 7.8 +3.0
CGXU Capital Group International Focus Equity ETF 4.1 54 24 5.2 +0.5
VEU Vanguard FTSE All-World ex-US Index Fund 4.0 4 74 7.9 +3.1
EEMS iShares MSCI Emerging Markets Small Cap ETF 3.9 70 8 7.6 +2.8
ACWX iShares MSCI ACWI ex U.S. ETF 3.9 34 44 7.5 +2.7
PICK iShares MSCI Global Metals & Mining Producers ETF 3.9 39 39 11.3 +6.5
VXUS Vanguard Total International Stock ETF 3.8 5 73 7.7 +2.9
IXUS iShares Core MSCI Total International Stock ETF 3.8 7 71 7.7 +2.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 3.4 41 37 7.1 +2.3
VSGX Vanguard ESG International Stock ETF 3.2 10 68 7.5 +2.7
CWI SPDR MSCI ACWI ex-US ETF 3.1 30 48 7.4 +2.6
IGRO iShares International Dividend Growth ETF 3.0 15 63 7.3 +2.5
FTAG First Trust Indxx Global Agriculture ETF 3.0 70 8 8.9 +4.1
DEM WisdomTree Emerging Markets High Dividend Fund 3.0 63 15 13.6 +8.8
NXTG First Trust Indxx NextG ETF 3.0 70 8 4.9 +0.1
LEGR First Trust Indxx Innovative Transaction & Process ETF 2.9 65 13 7.6 +2.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 2.9 30 48 7.7 +3.0
SCHY Schwab International Dividend Equity ETF 2.8 14 64 9.7 +5.0
FEM First Trust Emerging Markets AlphaDEX Fund 2.3 80 -2 11.2 +6.4
IQDF FlexShares International Quality Dividend Index Fund 2.1 47 31 8.8 +4.1
EYLD Cambria Emerging Shareholder Yield ETF 2.0 66 12 12.3 +7.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.9 47 31 8.0 +3.2
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 1.5 46 32 9.9 +5.1
ACWI iShares MSCI ACWI ETF 1.4 32 46 5.4 +0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 1.4 20 58 5.5 +0.7
VT Vanguard Total World Stock ETF 1.3 6 72 5.7 +0.9
DVYE iShares Emerging Markets Dividend ETF 1.3 49 29 18.4 +13.6
VEGI iShares MSCI Agriculture Producers ETF 1.2 39 39 9.2 +4.4
JIG JPMorgan International Growth ETF 1.2 55 23 4.6 -0.2
DGT SPDR Global Dow ETF 1.2 50 28 6.8 +2.0
SDEM Global X MSCI SuperDividend Emerging Markets ETF 1.2 67 11 13.2 +8.5
KNCT Invesco Next Gen Connectivity ETF 1.2 40 38 4.3 -0.5
KLMT Invesco MSCI Global Climate 500 ETF 1.1 10 68 5.6 +0.8
VYMI Vanguard International High Dividend Yield ETF 1.1 17 61 9.6 +4.8
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 1.0 12 66 5.0 +0.2
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.9 12 66 8.2 +3.4
GLOF iShares Global Equity Factor ETF 0.9 20 58 6.3 +1.5
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.9 58 20 10.0 +5.2
EDIV SPDR S&P Emerging Markets Dividend ETF 0.9 49 29 12.1 +7.3
DWX SPDR S&P International Dividend ETF 0.7 45 33 6.3 +1.5
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.7 47 31 5.9 +1.1
ADIV SmartETFs Asia Pacific Dividend Builder ETF 0.6 78 0 9.4 +4.6
FTRI First Trust Indxx Global Natural Resources Income ETF 0.6 70 8 7.7 +3.0
DEW WisdomTree Global High Dividend Fund 0.6 58 20 8.5 +3.7
XT iShares Exponential Technologies ETF 0.6 46 32 4.6 -0.2
SDG iShares MSCI Global Sustainable Development Goals ETF 0.6 49 29 5.7 +0.9
OBOR KraneShares MSCI One Belt One Road Index ETF 0.5 79 -1 8.7 +3.9
CGGO Capital Group Global Growth Equity ETF 0.4 47 31 4.5 -0.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 69 5.5 +0.7
SAGP Strategas Global Policy Opportunities ETF 0.3 65 13 5.5 +0.7
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.3 10 68 8.2 +3.4
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.3 42 36 9.7 +4.9
CGW Invesco S&P Global Water Index ETF 0.3 57 21 4.7 -0.0
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 13 7.8 +3.1
ANEW ProShares MSCI Transformational Changes ETF 0.2 45 33 6.2 +1.5
AVRE Avantis Real Estate ETF 0.2 17 61 7.4 +2.6
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 16 3.5 -1.3
REET iShares Global REIT ETF 0.2 14 64 7.6 +2.8
ICLN iShares Global Clean Energy ETF 0.2 41 37 4.3 -0.4
DFGR Dimensional Global Real Estate ETF 0.2 22 56 7.6 +2.9
PIO Invesco Global Water ETF 0.1 75 3 4.3 -0.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 70 6.1 +1.4

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco India ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 16.0 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 78 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 CATEGORY
AVERAGE		 1.51
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.